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Jobs growth welcomed by Australian Chamber

The Australian Chamber of Commerce and Industry has welcomed Australia’s strongest jobs growth in seven months, with 51,000 jobs created in June, according to the Australian Bureau of Statistics.

“This is a good strong result, especially as most of the lift in employment was in full-time jobs,” Australian Chamber Chief Economist, Adam Carr, said.

“Over the last year, we’ve seen an increase in total jobs of around 340,000. That’s something to celebrate.”

“It’s also a big positive that the unemployment rate remained low at 5.4% in a month where the number of people entering the jobs market rose strongly.”

According to the ABS, the participation rate rose to 65.7% from 65.5% as more people entered the jobs market.

“Overall it is a very positive outcome but it is somewhat tempered by a modest lift in the underemployment rate. Underemployment remains very high historically, albeit off the peaks seen last year,” Mr Carr said.

“To some extent, higher underemployment is a symptom of a more flexible labour market.

“Greater labour market flexibility is allowing workers to juggle employment and family life – and so clearly it’s an overwhelmingly positive force.

“That said, it does indicate there is some excess capacity in the labour market and this will continue to weigh on wage growth in the near term.

“Wage growth will likely pick-up further as the jobs market improves.”

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